The age of the Silicon Valley ‘moonshot’ is over

But that next big moneymaker hasn’t materialized. Revenue still comes overwhelmingly from advertising. Google has shuttered most of its so-called “moonshots” — from internet-delivering balloons to glucose-measuring contact lenses.

And even the most advanced of its side projects — self-driving car lab Waymo and health-care tech start-up Verily — are now confined by the limits of regular businesses. On Wednesday, Waymo laid off 8 percent of its workforce, adding to a previous round of cuts in January.

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